Charlie Javice, founder and former CEO of Frank, has been charged with conspiracy to commit bank and wire fraud, wire fraud affecting a financial institution, and bank fraud, after she sold the company to JP Morgan Chase for $175 million.
Advertisement
What did Charlie Javice do?
What was Charlie Javice’s crime? Charlie Javice who once appeared in Forbes’ 30 under 30 list has been charged for falsely inflating her startup company, Frank, user base before selling it to JP Morgan Chase.
According to the prosecutors, Javice’s company was acquired by JP Morgan Chase in 2021 after they were duped into believing that Frank had manipulated its user base to 4 million users, meanwhile, it had less than 300,000 users or customers.
Advertisement
Cavice was arrested on Monday, April 3, 2023, at Newark Airport.
“Janice engaged in a brazen scheme to fraud JMPC in the course of $175 million acquisition deal and lied directly to JMPC and fabricated data to support those lies – all in order to make over $45 million from the sale of her company. This arrest should warn entrepreneurs who lie to advance their businesses that lies will catch up to them, and this Office will hold them accountable for putting their greed above the law,” U.S. Attorney Damian Williams said in a statement released on Tuesday, April 4, 2023.
Leave a Reply